The FG has announced plans to sell $500 million of dollar-denominated securities in the domestic market in a bid to strengthen the Naira

This was disclosed by the Minister of Finance & Coordinating Minister of the Economy, Wale Edun on July 25. The minister said the move is expected to attract investment from Diaspora Nigerians & Nigerians with savings held abroad & will take place in
3 to 4 weeks time

According to him, “We have an open exchange rate system, it’s not illegal and so we have the issuance of a dollar-denominated security, not depending on the financial architecture of the Western world, not depending on the kind of architecture that you use to raise Eurobonds

We’re using the Nigerian financial system, the Securities & Exchange Commission, the banking system, the investment bankers to issue $500 million in the first instance that will be available & will attract foreign currency held by Nigerians abroad and anybody else who buys into the macroeconomic reform efforts of President Bola Tinubu.